S&P cuts DaimlerChrysler long-term to BBB on U.S.

EmilyChurch

LONDON (CBS.MW) -- Debt rating agency Standard & Poor's lowered its long-term corporate credit ratings on DaimlerChrysler
dcxDAI, -0.08%
and related entities to BBB from BBB+. It said the cut "reflects concerns about the increasingly clouded prospects of the Chrysler Group amid intensifying competition in the North American auto market." Rivals General Motors
GM, +0.69%
and Ford
F, -0.35%
are also BBB. S&P affirmed DCX's A-2 short-term ratings were affirmed. "Although DaimlerChrysler continues to be well positioned in the global luxury and commercial vehicle markets, the risks posed by Chrysler have a significant effect on the overall credit profile of DaimlerChrysler," the agency said.

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